The digital transformation provider offers technologies such as security and network infrastructure
UNITED Arab Emirates-based IT services company Alpha Data is planning an initial public offering (IPO) in Abu Dhabi, according to people familiar with the matter.
The company is working with EFG Hermes and Emirates NBD Capital on the potential share sale which could come as soon as the end of this year, the people said, asking not to be identified as the information has not been made public.
Alpha Data is seeking to raise about US$200 million from the listing, sources said.
Details of the offering such as size and timing are still preliminary and could change. Representatives for EFG Hermes and Emirates NBD Capital declined to comment, while Alpha Data could not be immediately reached for comment.
Established in 1981, Alpha Data’s technologies encompass artificial intelligence, mobility, security, Internet of Things, big data and cloud computing.
The United Arab Emirates has had three IPOs so far this year, with the largest being the US$515 million float of Alef Education last month. Shares in the education technology company have slumped since their debut in a rare poor showing for a Gulf IPO.
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The region remains a hive of listing activity as governments continue to sell stakes in state assets to raise funds to diversify their economies away from oil.
Last month saw the long-anticipated secondary share offering by the Saudi Arabian government in oil giant Aramco, raising US$11.2 billion – the biggest equity deal globally this year.
